Canary Islands Government Announces New Subsidies for Affordable Rental Housing

The Canary Islands government has announced a new round of subsidies aimed at encouraging private developers and public agencies to build affordable rental homes.

Purpose of the Subsidies

• Target housing projects within the autonomous community that offer protected rental units for tenants who cannot afford market prices.
• Increase the supply of affordable rental housing, especially for residents on lower incomes.
• Provide financial aid to cover part of the construction or rehabilitation costs.

Eligible Applicants

• Private promoters and public entities based in the Canary Islands.
• Activities related to:
  • Real estate development
  • Construction
  • Property leasing
• Requirements:
  • Demonstrate they are not in financial crisis.
  • Meet specific legal and financial criteria.

Details of the Subsidies

• Proportional to the size of each project, including new builds or rehabilitated properties.
• Vary depending on the lease duration:
  • Options for 10 or 25-year rental schemes.
• Total funds are limited.
• Applications must be submitted within a month of the announcement.

Application Process

• Submit:
  • Detailed project plans
  • Legal documents
  • Technical certificates
  • Proof of land ownership

Broader Goals

"This funding effort aligns with broader government priorities to boost affordable housing options and support tenants facing high rental costs, benefiting both residents and the local economy in the long run."

Summary:

• The initiative aims to increase affordable rental housing options.
• Focuses on supporting low-income residents.
• Seeks to promote development and rehabilitation projects.
• Encourages engagement from private and public stakeholders within the Canary Islands.